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Financial Instruments | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments [Text Block] | Financial Instruments We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging Topic of the FASB ASC and those utilized as economic hedges. We operate internationally and, in the ordinary course of business, we are exposed to fluctuations in interest rates, foreign exchange rates and commodity prices. These fluctuations can increase the costs of financing, investing and operating the business. We have used derivative instruments, including swaps, forward contracts and options to manage certain foreign currency, interest rate and commodity price exposures. The four quarter rolling average of the notional amount of foreign exchange contracts hedging foreign currency transactions was $18.6 billion and $18.3 billion at September 30, 2017 and December 31, 2016, respectively. The following table summarizes the fair value of derivative instruments as of September 30, 2017 and December 31, 2016, which consist solely of foreign exchange contracts:
| Asset Derivatives |  | Liability Derivatives
(Dollars in millions) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Derivatives designated as hedging instruments | $ | 295 |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | 196 |
Derivatives not designated as hedging instruments | 95 |  |  | 155 |  |  | 75 |  |  | 158 |
As discussed in Note 5, we have issued approximately €2.95 billion of euro-denominated long-term debt and €500 million of outstanding euro-denominated commercial paper borrowings, which qualify as a net investment hedge against our investments in European businesses. As of September 30, 2017, the net investment hedge is deemed to be effective. The amount of gains and losses related to the Company's derivative financial instruments was as follows:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2017 |  | 2016 |  | 2017 |  | 2016
Gain (loss) recorded in Accumulated other comprehensive loss | $ | 310 |  |  | $ | (7 | ) |  | $ | 440 |  |  | $ | 188 |
(Gain) loss reclassified from Accumulated other comprehensive loss into Product sales (effective portion) | (24 | ) |  | 32 |  |  | (14 | ) |  | 139 |
Assuming current market conditions continue, a $80 million pre-tax loss is expected to be reclassified from Accumulated other comprehensive loss into Product sales to reflect the fixed prices obtained from foreign exchange hedging within the next 12 months. At September 30, 2017, all derivative contracts accounted for as cash flow hedges will mature by November 2022. The effect on the Condensed Consolidated Statement of Operations of foreign exchange contracts not designated as hedging instruments was as follows:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2017 |  | 2016 |  | 2017 |  | 2016
Gain recognized in Other income, net | $ | 10 |  |  | $ | 19 |  |  | $ | 50 |  |  | $ | 49 |
We paid $183 million and $29 million for settlements of derivative contracts during the nine months ended September 30, 2017 and 2016, respectively.

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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